Trinidad and Tobago earns $11.8 billion from energy revenues

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Between 2021 and 2022, royalties and the Governments’ share of profit from production sharing contracts cumulatively increased by 205%. That was one of the findings of the Trinidad and Tobago Extractive Industries Transparency Initiative’s (TTEITI) State of the Extractive Sectors Report 2022.

Royalties increased by 127% from $1.7 billion in 2021 to $3.8 billion in 2022. The share of profit the country earned from production sharing contracts increased by 254% from $2.7 billion in 2021 to $9.6 billion in 2022. Indeed, since 2018, T&T has earned $11.4 billion dollars in energy revenue from 2018 to the 3rd quarter of 2022. According to the report, the five highest taxpayers over the period, 2019 to 2021, were bpTT ($4.6B), National Gas Company ($3.5B), EOG Resources ($2.7B), BHP ($1.7B) & Heritage Petroleum ($1.4B).

Extract from the CARICOM BUSINESS Newsletter, Vol 5. No. 46

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